401(k)s are helpful but need improvements, experts say

401(k) plans remain useful to investors who have access to them through work, but there are several ways that 401(k)s could be improved, a panel of experts said at an industry event. "We'd like to see money paid out over participants' lifetimes and encourage annuitization," said Karen Friedman of the Pension Rights Center. Kevin Crain of Merrill Lynch suggested that employers could improve plan participation by offering 401(k) enrollment and benefits enrollment together. Participants' withdrawals and financial literacy also pose challenges to the plans' success, Friedman said.